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You can find the current article at its original source at https://www.theguardian.com/business/live/2016/may/06/markets-nervously-await-us-jobs-report-business-live
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| Markets fall on shock US jobs report - business live | Markets fall on shock US jobs report - business live |
| (35 minutes later) | |
| 2.24pm BST | |
| 14:24 | |
| James Smith, economist at ING, says the payrolls report is unlikely to change many minds on the Fed’s rate setting committee about the appropriate timing of the next rise: | |
| Although clearly disappointing, this may be more consistent with a gradual slowdown in employment growth as the economy gradually erodes the remaining slack in the labour market. | |
| As an aggregate, the labour report was probably best described as a fairly neutral and crucially, is unlikely to change too many minds on the FOMC about the timing of the next rate hike. | |
| That said, if we were to start seeing a more rapid, sustained downtrend in employment growth over the next few months, this may provide evidence that weakness emanating from the business investment side of the economy, which tends to lead the economic cycle, is starting to filter through to the more lagging labour market – at the moment though, it is hard for either the Fed or ourselves to make any conclusions based on one month’s data. | |
| 2.19pm BST | |
| 14:19 | |
| Back in the UK, Thomas Cook has responded to the threat of a half-term walkout by its cabin crew over plans to reduce break times. | |
| A spokesperson said: | |
| We would like to reassure our customers that nothing matters more to us than safety. It’s regrettable the union has chosen this path because the crew rest procedure, which includes monitoring all crew rest on all flights, was introduced with the agreement of the union. | |
| It also meets the regulations of industry experts the Civil Aviation Authority and does not compromise on safety. We have offered to meet union representatives and the message we hear directly from our crew is that they’re looking forward to a great summer of flying customers on holiday. | |
| 2.13pm BST | |
| 14:13 | |
| The 160,000 non-farm US jobs created in April was way below the average of 232,000 over the last 12 months. | |
| Professional and business services created 65,000 jobs in April, higher than the 12-month average. | |
| At the other end of the scale, jobs in the mining sector fell by 7,000. | |
| Not everyone was surprised by the non-farm payrolls number apparently: | |
| US Non-farm payroll gain exactly in line with Markit PMI signal at 160K. Q1 ave revised down to 200k v Markit 198k https://t.co/HuToiMgahA | |
| 2.03pm BST | |
| 14:03 | |
| Attention will now turn to the Federal Reserve, casting doubt over the central bank’s willingness to raise interests in the face of a softer jobs market. | |
| Details of the report from the US Labor Department showed a mixed picture for April. The headline figure of 160,000 was undoubtedly a shocker (202,000 expected), but other elements of the report were in line with expectations. | |
| The unemployment rate was unchanged at 5%, as expected, and average earnings grew by 0.3%, also as expected. | |
| 1.57pm BST | |
| 13:57 | |
| US markets are expected to open lower. | |
| Opening call before the US jobs report was published: | |
| US Opening Calls:#DOW 17605 -0.31%#SPX 2044 -0.28%#NASDAQ 4297 -0.25%#IGOpeningCall | |
| 1.50pm BST | 1.50pm BST |
| 13:50 | 13:50 |
| The 160,000 non-farm jobs created in April was the smallest in seven months. | The 160,000 non-farm jobs created in April was the smallest in seven months. |
| Falls in European markets have accelerated since the jobs report was published: | Falls in European markets have accelerated since the jobs report was published: |
| 1.31pm BST | 1.31pm BST |
| 13:31 | 13:31 |
| Sharp drop in non-farm payrolls | Sharp drop in non-farm payrolls |
| Breaking: US non-farm payrolls dropped sharply in April, to 160,000 from 208,000 in March. | Breaking: US non-farm payrolls dropped sharply in April, to 160,000 from 208,000 in March. |
| This is a large downside shock. Economists were expecting 202,000. | This is a large downside shock. Economists were expecting 202,000. |
| The March figure was revised down from an initial estimate of 215,000 jobs. Reaction to follow. | The March figure was revised down from an initial estimate of 215,000 jobs. Reaction to follow. |
| Updated | Updated |
| at 1.33pm BST | at 1.33pm BST |
| 1.22pm BST | 1.22pm BST |
| 13:22 | 13:22 |
| Almost time for US payrolls. | Almost time for US payrolls. |
| Economists polled by Reuters are expecting the report to show that non-farm payrolls increased by 202,000 in April, lower than March’s 215,00. | Economists polled by Reuters are expecting the report to show that non-farm payrolls increased by 202,000 in April, lower than March’s 215,00. |
| Just under 10 minutes to go. | Just under 10 minutes to go. |
| 1.20pm BST | 1.20pm BST |
| 13:20 | 13:20 |
| Thomas Cook in May half-term strike threat | Thomas Cook in May half-term strike threat |
| Thomas Cook cabin crew are voting on possible strike action during the half-term holiday in May. | Thomas Cook cabin crew are voting on possible strike action during the half-term holiday in May. |
| The dispute centres on proposed changes to the length of breaks staff will be allowed to take. | The dispute centres on proposed changes to the length of breaks staff will be allowed to take. |
| Cabin crew will be allowed one 20-minute break over a 12-hour shift, according to Unite, Britain’s largest union. More than 1,000 cabin crew have begun voting in a ballot for industrial action. | Cabin crew will be allowed one 20-minute break over a 12-hour shift, according to Unite, Britain’s largest union. More than 1,000 cabin crew have begun voting in a ballot for industrial action. |
| The union said staff were previously entitled to a 20-minute break every six hours and that the proposed changes would put passenger safety at risk. | The union said staff were previously entitled to a 20-minute break every six hours and that the proposed changes would put passenger safety at risk. |
| Read our full story here. | Read our full story here. |
| 12.37pm BST | 12.37pm BST |
| 12:37 | 12:37 |
| Leicester City’s incredible Premier League title win has already put the East Midlands city on the tourist map. | Leicester City’s incredible Premier League title win has already put the East Midlands city on the tourist map. |
| Days after claiming the title for the first time in the club’s history, visitors are planning to descend on the city in droves this weekend according to Trivago, the hotel search website. | Days after claiming the title for the first time in the club’s history, visitors are planning to descend on the city in droves this weekend according to Trivago, the hotel search website. |
| Searches for a hotel stay in Leicester for the coming weekend jumped 277% since the win (compared with the week before). The average stay required was one night. | Searches for a hotel stay in Leicester for the coming weekend jumped 277% since the win (compared with the week before). The average stay required was one night. |
| Leicester will receive the trophy after their final home game of the season against Everton on Saturday. | Leicester will receive the trophy after their final home game of the season against Everton on Saturday. |
| A hotel room in the city on Saturday night will cost you an average £128, up 49% from the May monthly average of £86. Room availability for this Saturday is just 4%. | A hotel room in the city on Saturday night will cost you an average £128, up 49% from the May monthly average of £86. Room availability for this Saturday is just 4%. |
| In a sign that heightened interest is not limited to this weekend alone, hotel searches for all future travel to Leicester increased by 195%. | In a sign that heightened interest is not limited to this weekend alone, hotel searches for all future travel to Leicester increased by 195%. |
| Trivago’s Denise Bartlett: | Trivago’s Denise Bartlett: |
| With much buzz surrounding Leicester’s inconceivable Premier League victory, it is unsurprising to see a last-minute surge in hotel searches to the city. | With much buzz surrounding Leicester’s inconceivable Premier League victory, it is unsurprising to see a last-minute surge in hotel searches to the city. |
| The average stay duration of one night suggests that fans have either managed to obtain last-minute tickets, or simply want to soak up the atmosphere and celebrate. | The average stay duration of one night suggests that fans have either managed to obtain last-minute tickets, or simply want to soak up the atmosphere and celebrate. |
| The increase in travel interest for a hotel stay in the future, however, suggests that Leicester’s tourism industry may be able to experience more long-term benefits from the media exposure.” | The increase in travel interest for a hotel stay in the future, however, suggests that Leicester’s tourism industry may be able to experience more long-term benefits from the media exposure.” |
| 12.04pm BST | 12.04pm BST |
| 12:04 | 12:04 |
| Athens Airport announcement for general strike #Greece #generalstrike pic.twitter.com/DhSd6kpPgk | Athens Airport announcement for general strike #Greece #generalstrike pic.twitter.com/DhSd6kpPgk |
| Second protest today due to 48h #strike in #Greece against planned social security reform#apergia pic.twitter.com/KTc6dWG2uJ | Second protest today due to 48h #strike in #Greece against planned social security reform#apergia pic.twitter.com/KTc6dWG2uJ |
| 12.02pm BST | 12.02pm BST |
| 12:02 | 12:02 |
| Greece strikes over pension and tax reforms | Greece strikes over pension and tax reforms |
| Tensions are already running high in Athens as Greeks take to the streets at the beginning of a three-day general strike. | Tensions are already running high in Athens as Greeks take to the streets at the beginning of a three-day general strike. |
| A strike was already planned for Sunday, to coincide with a parliamentary vote on tax and pension reforms, but unions called on Thursday for the strike to be extended to Friday and Saturday. | A strike was already planned for Sunday, to coincide with a parliamentary vote on tax and pension reforms, but unions called on Thursday for the strike to be extended to Friday and Saturday. |
| The austerity measures are part of a package reforms that are being proposed in return for more bailout money from Greece’s lenders. | The austerity measures are part of a package reforms that are being proposed in return for more bailout money from Greece’s lenders. |
| Workers from the Greek shipping industry, civil service, and public transport sector are among those taking part in the strike. | Workers from the Greek shipping industry, civil service, and public transport sector are among those taking part in the strike. |
| Greece’s largest labour union, the private sector GSEE, said the proposed reforms were the “last nail in the coffin” for workers and pensioners who have already suffered six years of austerity. | Greece’s largest labour union, the private sector GSEE, said the proposed reforms were the “last nail in the coffin” for workers and pensioners who have already suffered six years of austerity. |
| A GSEE spokesperson said: | A GSEE spokesperson said: |
| They are trying to prove to the Eurogroup that they are good students but the y are destroying Greece’s social security system. | They are trying to prove to the Eurogroup that they are good students but the y are destroying Greece’s social security system. |
| 11.24am BST | 11.24am BST |
| 11:24 | 11:24 |
| IMF urges eurozone to start Greek debt relief talks | IMF urges eurozone to start Greek debt relief talks |
| Christine Lagarde is losing patience with eurozone finance ministers. | Christine Lagarde is losing patience with eurozone finance ministers. |
| The head of the International Monetary Fund has written to all 19 of them urging them to immediately start talks on providing debt relief for Greece, or risk losing the support of the IMF for a Greek package. | The head of the International Monetary Fund has written to all 19 of them urging them to immediately start talks on providing debt relief for Greece, or risk losing the support of the IMF for a Greek package. |
| In the letter - seen by the FT’s Peter Spiegel - Lagarde writes: | In the letter - seen by the FT’s Peter Spiegel - Lagarde writes: |
| We believe that specific [economic reform] measures, debt restructuring, and financing must now be discussed contemporaneously. | We believe that specific [economic reform] measures, debt restructuring, and financing must now be discussed contemporaneously. |
| For us to support Greece with a new IMF arrangement, it is essential that the financing and debt relief from Greece’s European partners are based on fiscal targets that are realistic because they are supported by credible measures to reach them. | For us to support Greece with a new IMF arrangement, it is essential that the financing and debt relief from Greece’s European partners are based on fiscal targets that are realistic because they are supported by credible measures to reach them. |
| Lagarde issued the warning as talks between Greece and its eurozone partners on a package of reforms appear to have stalled. | Lagarde issued the warning as talks between Greece and its eurozone partners on a package of reforms appear to have stalled. |
| Last month, finance ministers told Athens they wanted to see €3bn (£2.4bn) of specific contingency reforms in place - as an insurance policy in the event that main reform measures did not go far enough to allow Greece to make its repayments - before releasing more funds. | Last month, finance ministers told Athens they wanted to see €3bn (£2.4bn) of specific contingency reforms in place - as an insurance policy in the event that main reform measures did not go far enough to allow Greece to make its repayments - before releasing more funds. |
| But no agreement has been reached on contingencies, and the IMF wants debt relief to be included in the talks immediately. | But no agreement has been reached on contingencies, and the IMF wants debt relief to be included in the talks immediately. |
| Last day in #Brussels, 1 last #Greece scoop: @Lagarde letter to all EZ finmins last nite urges immediate debt talks: https://t.co/j2jQtbgUh2 | Last day in #Brussels, 1 last #Greece scoop: @Lagarde letter to all EZ finmins last nite urges immediate debt talks: https://t.co/j2jQtbgUh2 |
| 11.01am BST | 11.01am BST |
| 11:01 | 11:01 |
| European markets are still down ahead of the US payrolls... | European markets are still down ahead of the US payrolls... |